Registrations pick up pace with talk on land rate revision
Notification on new districts and launch of Jagananna Township Project already led to a slight rise in demand
Prices have remained prohibitively high in Visakhapatnam, the largest city in Andhra Pradesh, which is proposed to be made the executive capital. As the prices have skyrocketed in the city limits, now realtors are selling plots in layouts towards outskirts
Visakhapatnam: The buzz on revision of market price of lands has increased the speed of registrations across the State after about two years.
There is talk that there may be an upward revision from April 1. The gazette notification on carving out 13 more districts and the launch of Jagananna Township Project have already led to a slight rise in demand. The latest development of upward revision has further increased the interest among prospective buyers to complete the transactions as soon as possible to gain the advantage.
The prolonged spell of the pandemic was mainly responsible for the cash-starved government not to increase the market rates. However, with more commitments, the government is trying to find out ways and means to mop up resources. One such thing, which drew severe criticism from social activists and Opposition parties, was the increase on house tax based on property value.
"The government is so desperate that it has not hesitated to introduce garbage collection charges from the residents," Forum for Development of North Andhra A Aja Sarma told Bizz Buzz.
At a time when people's purchasing power has come down due to job cuts/pay cuts and gloomy business scenario, burdening people with the reported move to introduce higher market value, is unfortunate, pointed out an NRI, who is scouting to buy a flat in the city. An exercise to hike market prices was undertaken in August last year but the government dropped further action due to public outcry.
Prices have remained prohibitively high in Visakhapatnam, the largest city in Andhra Pradesh, which is proposed to be made the executive capital. As the prices have skyrocketed in the city limits, now realtors are selling plots in layouts towards Kommadi, Kupulauppada, Pendurthi, Lankalapalem, Anakapalle, Anandapuram, Bhogapuram and Thagarapuvalasa at prices ranging from Rs 10,000 to Rs 20,000 per sq yard depending on location and amenities.
Though court clearance is awaited, the government had incidentally put up 13.59 acres of land in Harbour Park area in Visakhapatnam at for Rs 1,452 crore at the rate of Rs 107 crore per acre. The land was earlier allotted during the Telugu Desam Government to UAE-based LuLu Group for construction of an international convention centre, world-class shopping mall and five star deluxe hotel with adequate multilayer parking facility and beachfront entry.
